(Reuters) – Franklin Templeton Investments announced a new crypto index exchange trade on Thursday as asset managers want to win cash in crypto waves amid Donald Trump’s victory in the US presidential election He said he is seeking regulatory approval to launch the fund.
During his campaign, Trump has pledged to embrace digital assets, turning the US into “the crypto capital of the globe” and accumulate a national stockpile of Bitcoin.
The ETF cites investor protection concerns The Securities and Exchange Commission, which had long been trying to stop investments in Bitcoin, was trying to approve Bitcoin and etheric ETFs approved last year. Since then, the product has allowed more investors, including institutional investors, to be exposed to Bitcoin.
Several companies have applied to other Crypto Coins ETFs, such as Solana and XRP, to explore green light. Their approval is still pending.
“The fund may not currently have any digital assets other than Bitcoin and ether. I wonder if there is a possibility that any digital assets other than Bitcoin and ether will be added to the underlying index in the future. It’s unclear,” Franklin Templeton said in a regulatory filing Thursday.
If the other coins get a nod to the SEC, there is room for Franklin to change the ETF.
(Reporting by Jaiveer Singh Shekhawat of Bengaluru, edited by Maju Samuel)